Forever 21 Files For Bankruptcy, Will Liquidate Assets

CNBC reports:

Fast-fashion retailer Forever 21′s U.S. operating company on Sunday filed for Chapter 11 bankruptcy for the second time in six years, hamstrung by dwindling mall traffic and mounting competition from online retailers.

The move likely means liquidation for the company, which was unable to find a buyer for its roughly 350 U.S. stores. Its trademark and intellectual property – still held by an entity called Authentic Brands Group – may live on in a different form.

Forever 21 said it will conduct liquidation sales at its stores while simultaneously conducting a court-supervised sale and marketing process for some or all of its assets.

Read the full article.

The post Forever 21 Files For Bankruptcy, Will Liquidate Assets appeared first on Joe.My.God..

READ MORE OF THIS POST AT Joe My God